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MRL3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 13 September 2024
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MRL3701Assignment 2
(COMPLETE
ANSWERS)
Semester 2
2024 - DUE 13
September
2024
, MRL3701 Assignment 2 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 13 September 2024
Simphiwe owes a total of R3 million to various creditors.
His creditors include Tebogo to whom he owes R400 000.
He also owes R1,3 million to BFN Bank. Last year
Simphiwe invested in a get-rich-quick scheme and as a
result he lost a lot of money. This left him in a dire financial
situation. By 31 October 2023 his liabilities exceeded his
assets by R800 000. Over the past few months Simphiwe
has failed to pay some of his debts. In particular he failed
to pay the R400 000 he owes to Tebogo. This debt was
due and payable on 1 February 2024. Disappointed at not
having been paid back the R400 000 owed to her, Tebogo
undertook an investigation into Simphiwe’s financial
situation. The investigation turned up unassailable proof
that Simphiwe had owed R100 000 to his father-in-law,
and that Simphiwe repaid R80 000 to his father-in-law on 3
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